“Super quick, I got lots of offers. All I had to do was choose which one! I went with Wisr because they were the cheapest. Thanks” - Angela
Written byShaun McGowan
Looking for a car loan in Newcastle? The harbour city in Australia’s New South Wales is an explorer’s dream. Its endless beaches and coastal walks are also home to beautiful sea creatures - on a good day, you’ll be able to watch migrating whales from Fort Scratchley.
Whether you’re looking for a run-around car, or something bigger to tow a boat to Newcastle’s water, here’s what you need to know when get car finance sorted.
Just as everyone’s need for a car is different, choosing the right vehicle for you will be your first step toward securing a loan.
Your first consideration is whether to go for a new or used vehicle - newer vehicles are easier to approve for finance, but you may find a near-new vehicle that is in excellent condition.
If you’re choosing to buy second hand privately and not through a dealership, you’ll also be responsible for making all the checks on the vehicle you’re buying, so be sure to check the car’s history and what it’s been used for; the downside of buying a car in a coastal city like Newcastle is the high chance for rust and water damage - keep your eye out!
There are a number of local car loan lenders in Newcastle, but the easiest way to find competitive loans will be to broaden your search to include online lenders as well.
If you’re comparing car loans in Newcastle, you’ll need to make sure the lender will finance your chosen new or used vehicle, and then consider some of the factors that will influence your interest rate and repayments:
To work out your loan repayments or to see what is affordable, use this car loan repayment calculator.
The easiest way to shop around is to simply use our Money Matchmaker™ engine.
We’ll compare the best loans we can find from our available pool of lenders, personalised entirely based on a few simple questions, so you can see exactly how much you’ll pay with each lender.
But if you want to spend the time researching yourself to make sure you get the right car loan here are some quick tips:
Written byShaun McGowan
You’ll have to jump through a few more hoops but there are lenders who specialise in helping those with bad credit. And rest assured not all bad credit is the same. Lenders will want to know:
If these two things check out, a lender will be able to offer you a car finance with bad credit, but it's likely going to have higher interest rates and some fees attached because you’re considered a higher risk (due to your credit history).
If you already have a car loan but thinking you may be able to get a lower interest rate, shorter term or less fees with another lender, refinancing your car loan is pretty much the same process as getting a loan.
To find the best offers, it’s worth spending some time comparing available deals from multiple lenders. You can do that simply answer our questions.
"Hey I’m Money Matchmaker™, I have a team of wizards making me super smart. I’ve been loaded up with all the information that lenders use, and when you take my quiz, I use your answers to check against all our lenders at once. I’m harmless, I don’t impact your credit score and I’ll show you the best loan matches I can with no brokers fees or annoying ads"
Shaun is the founder of Money.com.au and is determined to help people pay as little as possible for financial products. Through education and building world class technology. Previously Shaun co-founded CarLoans.com.au and Lend.